The Hartwells Pension Plan (1971) has completed a £160m full-scheme buy-in with Just Group, securing the benefits of 1,689 pensioners and 672 deferred members.

The transaction was completed in early February after full-scheme data was provided in November 2025, meeting the trustee aim to move quickly, with quotation provided through Just’s Beacon price monitoring platform.

A ‘manageable’ contribution from the scheme sponsor was provided to complete the buy-in.

Just has also committed to working with the scheme to transition from buy-in to buyout within 18 months, and will implement GMP equalisation directly.

Isio provided risk broking advice to the scheme, while Aon acted as scheme actuary and LCP was the scheme’s investment adviser.

CMS provided the scheme with legal advice, MUFG acted as the administrator, and Vidett was the professional independent trustee.

“Hartwells and the trustees have a long history of close collaboration and achieving this risk transfer was the culmination,” commented Vidett client director, Kevin Kenneally.

“Having a sponsor that was engaged with exploring all risk transfer options, as well as funding the transaction, achieved a really positive outcome for the plan and its members.

“We worked closely with advisers and our end game expertise coupled with great engagement from Just delivered a result that all stakeholders were happy with.”

Hartwell company secretary and head of legal services, Georgina Forbes, said the economic landscape meant it was a relatively cost-effective time to de-risk and allowed the firm to “enjoy the certainty” that all members’ benefits were secured.

Just business development manager, Kishan Radia, added: “This transaction highlights the importance of early affordability testing and decisive execution.

“By leveraging Beacon to provide quick, no-cost indicative pricing, we were able to give the trustees confidence that a full insurance solution was achievable, and that they could secure all of their members’ benefits.

“In situations where covenant concerns and corporate timelines are aligned, speed and collaboration are critical. We are pleased to support the Hartwells Pension Plan (1971) on its journey to full buyout and to deliver long-term security for its members.”

This article was first published on our sister website, Pensions Age.

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